Anbang’s NYC Deal with Kushner Collapses

The mood around the Kushner house may be less joyous now that Anbang had checked out of the deal

At the top of the news today, Trump’s son-in-law will need to look like a new investor to bail out the family’s Fifth Avenue project, after Wu Xiaohui’s Anbang backed out of discussions to take a controlling stake in the NYC redevelopment. Also in the news, one of Hong Kong’s bounciest property stocks might be getting ready for a few more ups and downs, and Singapore’s sovereign wealth fund is closing in on yet another portfolio of student housing assets. Read on for all these stories and more.

Anbang’s NYC Deal with Kushner Collapses

China’s Anbang Insurance Group Co. has had a tough time pulling off splashy U.S. real-estate deals since it scooped up the iconic Waldorf Astoria Hotel in 2015.

On Wednesday, New York real-estate developer Kushner Cos. said it had ceased talks with Anbang for a planned $7.5 billion redevelopment of a mixed-use skyscraper in Manhattan. Read more>>

Pan Sutong Offers $1.5 Bil to Take Goldin Properties Private

Chinese property developer and hotel operator Goldin Properties Holdings Ltd said on Wednesday Chairman Pan Sutong had offered about $1.5 billion to buy its outstanding shares and delist the company.

The move comes nearly two years after shares of Goldin Properties soared 450 percent over a two-month period, prompting Hong Kong’s securities regulator to issue a warning to investors that the company’s shareholding structure could create volatility in prices. The shares later plunged and are now trading nearly 70 percent below their peak price in 2015. Read more>>

StanChart PE Unit Leads Acquisition of Seoul Site

Standard Chartered Private Equity’s real estate unit, Principal Finance Real Estate, has led a $43.5-million real estate investment together with leading Korean retailer GS Retail Co Ltd (GSR), to acquire a site from Samsung Fire & Marine.

The 5,853 sq m site, located in Insadong (in Seoul), is slated for development into a mixed-use, integrated retail and hotel complex with a gross floor area of 45,338 sq m. The construction of the project is scheduled to commence in May 2017, according to an announcement from Standard Chartered PE on Tuesday. Read more>>

GIC Shopping for More Student Housing in Sydney

Singaporean sovereign wealth fund GIC may tap student accommodation group Iglu to run two blocks of student housing it is buying in Sydney’s Central Park precinct, adjacent to three universities, in a deal worth about $400 million.

The fund has been in talks to buy the complexes in inner-west Chippendale, with the deal likely to set benchmarks in one of the hottest sectors for global investors. The deal will also see the country’s largest portfolio of National Rental Affordability Scheme-linked properties change hands ahead of further changes to housing schemes in the upcoming federal budget. Read more>>

CDL Bosses Take Paycuts as Profits Slide

City Developments (CDL) supremo Kwek Leng Beng earned $1.23 million less last year than in 2015, according to the company’s annual report, which was out yesterday.

Mr Kwek, 76, took home $8.43 million for the 12 months to Dec 31, down from $9.66 million for the year earlier. Read more>>

Sotheby’s Sets Up SE Asia Headquarters in Singapore

Luxury residential real estate brokerage List Sotheby’s International Realty has set up its South-east Asian headquarters here to tap the growing number of affluent clients in the region.

The firm said yesterday the move is “timely and strategic” amid keen interest in high-end properties here among foreign investors. Read more>>

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